by Yieldstreet | Staff
Advances in technology are making it possible to get money into the hands of earners faster than ever before. Today Hrishi Dixit sits down with Craig Lewis, Founder, and CEO of Gig Wage, to discuss tech startups and the future of banking tools. Craig is an entrepreneur, author of “The Sport of Sales”, and a former professional basketball player. Hrishi and Craig discuss the opportunities that are waiting at the intersection of the gig economy and the FinTech world as technologies continue rapid advancements.
[1:42] Craig Lewis highlights the journey that took him from pro basketball to CEO of a prominent platform in the gig economy.
[5:51] The pain point that Gig Wage successfully resolved through tech.
[7:25] Leaning into product and technology has been a massive contributor to Gig Wage’s success.
[8:48] Craig’s transition from a non-technical background into a high-tech startup.
[10:07] The excitement and horror of the moment that Gig Wage appeared in the world.
[11:49] Navigating the ‘nightmare’ of moving money around with the help of ATC, KYB and RBH.
[15:30] Prioritizing the protection against fraud with increased security steps.
[20:16] What does the future of technology and blockchain look like?
[23:23] A high-level overview of potential expanded features and benefits of Gig Wage.
[25:49] Does Gig Wage offer their users money management resources?
[28:55] Automating the technologies that increase access to capital.
[30:43] Insights into user data, including the actions of users when earnings increase.
[34:35] Challenges that have shaped the experience at Gig Wage and a look at their future.
Every successful startup aims to solve a pain point, and for Gig Wage that point was the payment delays between contractors and the workers that they needed to pay. By working to establish the technology and infrastructure needed to close that gap, Gig Wage has rapidly evolved into a prominent platform in the gig economy.
Craig’s background in software sales and his understanding of the power of technology made his transition into a high-tech startup slightly easier. His total commitment to the practical application of the platform helped with the immense learning curve as well. When Gig Wage first launched, Craig knew that it was, as he says, ‘a very, very, very bad product.” But with paying customers already in place, he knew that there was a need and a demand for what they had to offer. Hrishi recalls the moment that a company goes live as one of horror and excitement, and both Yieldstreet and Gig Wage believe that in the end, the leap was worth it.
Craig shares insights into how tech companies navigate the ‘nightmare’ of moving money around with the help of ATC, RBH, and KYC. Gig Wage effectively manages the intentional friction and security measures that are put in place to help protect against fraud and, like Yieldstreet, Gig Wage is a company that has a laser focus on seeking to get money where it can work harder as fast as possible. Gig Wage also centers their attention on helping companies pay contractors, and with their knowledge of where money is coming from, what it’s being sent for, and who it’s going to, they have the capability to potentially make some smart moves.
We believe that the future of money has the potential to look especially bright when considering blockchain technologies, decentralized financing, and the incredible inventions of the 4th industrial revolution. Craig offers a high-level overview of the potential features and benefits that could be offered for the gig economy, including taxes, retirement investments, and other wealth-building tools being deducted from wages before the paycheck arrives. Also not unlike Yieldstreet, Gig Wage works to provide support and education to their users at whatever level of earning — or investing — they are at. Whether it’s your first Gig Wage paycheck or an ROI payment from your first investment, as earners and investors become more educated and curious about their money and how it can work for them, opportunities have the potential to grow as well.
Craig and Hrishi wrap up their conversation with a look at the unique challenges that have shaped the experience at Gig Wage. As a minority and CEO, Craig both understands and refuses to shy away from the complex challenges that he is constantly facing in the startup world. He is proud of the tones and trends that they are setting, including a top-down focus on diversity, and recognizes that the best results can come when that focus is on one or two key goal areas at a time. We believe Gig Wage has strategic goals that have the potential to continue to disrupt the massive gig economy, so you’ll want to stay tuned in on their progress. According to Hrishi, it just may not be too far into the future that a collaboration between this prominent startup company and Yieldstreet could become a reality.
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